Crypto sources have relayed that Ripple CEO Brad Garlinghouse is reopening the conversation on what assets should be in government-backed reserves and is advocating for a multichain approach beyond Bitcoin and XRP. Based on available reports, Jan 27 on X (formerly Twitter), Garlinghouse called for cohesion in the crypto space; warning of the dangers of crypto maximalism which he says is an inhibitor to innovation and wants a national digital asset reserve that represents the entire industry-not just one token.
This follows on from critics accusing Ripple (including Bitcoin maximalist Pierre Rochard) of actively trying to prevent a Strategic Bitcoin Reserve (SBR). Garlinghouse denied the allegations and pointed out how what Ripple is doing actually makes the case for a government-backed crypto reserve.
Garlinghouse Rejects Crypto Maximalism, Calls for Industry Collaboration
In the post, he said he doesn’t believe in tribalism in the crypto space; industry leaders should all work together for mutual success.
“The crypto industry has a real shot, here and now, to achieve all the things we want if we work together instead of tearing each other down. This is not, and never will be, a zero-sum game.”
He also said the future of digital assets will be multichain, not one on one on different tokens. To prove his point, he revealed he personally invests in diversified crypto holdings:
“I own XRP, BTC, and ETH among a handful of others – we live in a multichain world and I’ve advocated for a level playing field, not one token versus another.”
Garlinghouse is calling out crypto maximalism, the philosophy that one token is better than all others. He calls this outdated and bad for the long-term health of the crypto industry.
‘Maximalism remains the enemy of crypto progress and I’m glad to see fewer and fewer people subscribe to this outdated and misinformed thinking.”
Ripple CEO Proposes National Crypto Reserve to Represent the Industry
One of the key points he made was to make sure he was talking about a government-backed digital asset reserve that would be representative of the entire crypto industry and not just Bitcoin, XRP or any one token.
“If a govt digital asset reserve is created – I believe it should be representative of the industry, not just one token – whether it be BTC, XRP or otherwise.”
This follows as governments around the world are looking into how to incorporate cryptocurrencies into their national financial frameworks, especially reserves and central bank digital currencies (CBDCs).
This call for a multichain reserve is in line with Ripple’s overall mission of interoperability in blockchain finance. However, his comments have drawn criticism from Bitcoin maximalists who see the Strategic Bitcoin Reserve as the way to go for a national digital asset.
Garlinghouse’s multichain reserve comments got a response from Pierre Rochard, one of the most well-known Bitcoin maximalists. Rochard quickly went on the attack against Ripple for actively trying to kill the SBR and undermine efforts to position Bitcoin as a strategic financial asset.
“The biggest obstacle to the Strategic Bitcoin Reserve is not the Fed, Treasury, banks or Elizabeth Warren. It’s Ripple/XRP. Aggressively lobbying against the SBR by throwing $millions at politicians to try and kill it. Like they did trying to attack Bitcoin mining under Biden. Obviously they want to protect their marketing narratives and to push CBDCs on their platform.”
Rochard is saying Ripple is working behind the scenes to prevent Bitcoin from being the foundation of a US digital asset reserve.
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Garlinghouse Denies Allegations, Defends Ripple’s Role in Crypto Policy
Garlinghouse shot back at Rochard’s claims, saying Ripple is actually helping to create a government-backed crypto reserve that would include Bitcoin.
“Unless you are choosing to ignore the core principles of the POTUS campaign (which aggressively supports American companies and technologies), our efforts are actually INCREASING the likelihood of a crypto strategic reserve (which includes Bitcoin) happening.”
Here, he is saying Ripple is for a more open and regulated approach to digital assets – not in the way of Bitcoin’s role in financial policy.
Despite the ongoing feud between Bitcoin maximalists and Ripple fans, Garlinghouse’s comments highlight a bigger question in the crypto community: should national crypto reserves be a single asset or multichain?
The Future: Will a US Crypto Reserve Happen?
Garlinghouse’s suggestion raises a lot of questions about national digital asset strategies going forward. While a government-backed crypto reserve is still a long way off, the conversation itself is a sign of how much crypto is impacting mainstream finance and policy.
In the years to come, policymakers will decide how to include digital assets in national reserves and the battle between Bitcoin maximalists and multichain fans will likely continue. Whether the US government decides to add Bitcoin, XRP or a mix of assets, Garlinghouse’s call to collaborate means crypto’s impact on the global economy will only get bigger.
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FAQs
1. What did Ripple CEO Brad Garlinghouse say about a national crypto reserve?
Garlinghouse said if the US government were to create a digital asset reserve, it would have to be the whole industry, not just Bitcoin, XRP, or any one token.
2. Why is Garlinghouse anti-maximalism?
He says maximalism (one coin to rule them all) doesn’t allow for industry growth and development; he’s for multichain and cross-project collaboration.
3. What is the Strategic Bitcoin Reserve?
The Strategic Bitcoin Reserve (SBR) is a proposed policy that would position Bitcoin as a keystone financial asset in the U.S. National Reserve. The concept has been promoted by Bitcoin maximalists such as Pierre Rochard.
4. Did Ripple Lobby against the Strategic Bitcoin Reserve?
Pierre Rochard said that Ripple was trying to actually lobby against SBR, but according to Garlinghouse’s opinion, they are on the wrong footing when judging Ripple’s” efforts, in fact, they support creating a broader crypto reserve that comprises Bitcoin.
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